LWRC drops plans for Boracay’s casino
The project was announced in December 2017, when LRWC bought the parcels of land in Boracay in 2017 for $500 million for a resort development.
Philippines.- Leisure & Resorts World Corp. (LRWC) drops its plan to build a casino on its 23-hectare property in Boracay, after the company determined that they will stop working with Galaxy Entertainment in the project.
LRWC Chairman Eusebio H. Tanco gave an interview last week after the Philippine Stock Exchange Bell Awards 2020 and explained the company decision. “Wala na… We are not looking at casino. But I’m keeping that piece of land. I’ll just hold on to that piece of land, but I’m not going to do a casino there. I’ll just land-bank it,” said.
The project was announced in December 2017, when LRWC bought the parcels of land in Boracay in 2017 for $500 million for a resort development.
But after the announcement, Philippine President Rodrigo Duterte closed the island destination to tourism out of concerns for the environment. He said that the increased number of visitors on the island was turning Boracay into a “cesspool.”
Despite LRWC is not longer interested in the casino in Boracay, Galaxy Entertainment will continue to try to move ahead with the project. The Philippine Amusement and Gaming Corp (PAGCOR) president and chief operating officer, Alfredo C. Lim explained that the “environmentally-friendly approach” makes possible the idea to develop a casino in the island.
